ICICI Bank’s life insurance venture ICICI Prudential Life Insurance has posted a loss of Rs 466 crore during the first half of fiscal 2009 ended September 30.

During the period, the new business premium increased by 22 per cent at Rs 2,650 crore. At the end of September 30, the asset under management stood at Rs 30,107 crore.

ICICI Prudential Life Insurance is a 74:26 joint venture between ICICI Bank and UK-based Prudential Plc.

“While ICICI Life’s result reduced the consolidated profit after tax of ICICI Bank by Rs 466 crore in H1-2009, ICICI Life’s unaudited New Business Profit in H1-2009 was Rs 522 crore,” the bank said in a statement.

Life insurance companies make accounting losses in initial years due to business set-up and customer acquisition costs in the initial years and reserving for actuarial liability, it said.

The general insurance subsidiary of the bank earned a premium of Rs 1,925 crore during the first half of the current fiscal.